Xinjiang-based Chinese steelmaker Bayi Iron and Steel Co. (Bayi Steel), a subsidiary of Chinese steel giant Baosteel Group, has issued its financial results for the first half of the current year, indicating an operating revenue of RMB 10.813 billion ($1.76 billion), down 10.08 percent year on year. In the given period, the company registered a net loss of RMB 720 million ($116.88 million), compared to a net profit of RMB 60.2625 million ($9.78 million) in the same period last year.
In the first six months of this year, Bayi Steel produced 3.83 million mt of crude steel and 3.67 million mt of finished steel, up 11.01 percent and 12.58 percent year on year, respectively.